Instagram Stories are getting a new feature today, and it's called Type mode. From the name, you might guess that it has something to do with text, and you'd be right. It's a way to add stylized text to your Story, and it doesn't require a photo or video.
Type mode will appear at the bottom of the screen next to the "Normal" mode. Just select it and you can input text and choose a font, background color, and highlights. You can add the new text styles to a photo or video if you want, but that's not required. Surprisingly, there are only four different font options. I was expecting more.
Like everything else in Stories, Type mode content disappears after 24 hours. You should find Type mode in the latest version of Instagram—it's in the current Play Store changelog.